Name:	Talullahhound -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/13/2021 6:42:10 PM

account for any deposits over $600.  Biden and Yellen think they will catch rich people not paying taxes - but those who are going to caught by this are those low income individuals who work for cash and those collecting SSDI and working under the table.  We know those folks don't claim that income, and those people are not going to be happy when they are ensnared by the IRS.  

Name:	lakngulf -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/13/2021 7:48:09 PM

Most of that cash never sees the bank.  The $600 is more of a puzzle to me

Name:	MartiniMan -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/14/2021 8:13:49 AM

Unless I am wrong I believe every transaction over $600 will be reported to the IRS, not just deposits.  Completely absurd as I am guessing that there are hundreds of millions of these transactions every year, maybe more.  How can this possibly be used to trap tax cheats?  It can't and that isn't why they are wanting to collect this data.  It has to be some other reason......and a political reason at that.  Want to bet we will start to see personal spending information of someone they are trying to harm politically get leaked to the govt media.

Name:	lakngulf -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/14/2021 10:05:07 AM (updated 10/14/2021 10:06:28 AM)

I am with you.  Something more sinister.  I assume they can already see every  credit card transaction 

Lois Lerner was small potatoes for these guys

Name:	au67 -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/14/2021 4:58:09 PM

I think the way I handle my finances is fairly typical. With the exception of utility bills, all my purchases go through credit cards paid off monthly through my bank's bill pay system.  Unless the IRS has access to the details of those credit card statements, they won't know a whole lot about my spending profile.  Like you though, I assume they already do if they so desire...especially if I am one of those chanting "Let's Go , Brandon!"

Name:	Talullahhound -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/14/2021 6:35:26 PM

I do that too.  I'm assuming they are looking for deposits of possible capital gains?  Or they will add up your deposits and then run a comparison at the IRS with your income on your tax return? 

I think the IRS is going to end up overwhelmed   

Name:	MrHodja -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/14/2021 11:26:21 PM

I can see two things happening.  First, the banks would be overwhelmed and have to raise fees so they can pay the cost of the extra workload.  Second, the underground economy will explode. Things previously handled through banks, checking accounts, and so forth will become cash transactions that never see the inside of a bank.

Hound, I don't see how putting everything on plastic helps. Eventually you have to pay it and that is usually done by check or ACH, each reportable.   

If that ridiculous rule comes to fruition and I had $2grand to deposit, it would be in four $500 increments. It is the most blatant attempt yet to exert government control over all our lives.  What a crock.  

Name:	Old Diver -	Reply
Subject:	Doesn't it Matter?
Date:	10/15/2021 12:22:33 PM (updated 10/15/2021 12:23:20 PM)

   The IV Amendment says: the right of the people to be secure in their persons, houses, papers and effects, against unreasonable searches and seizers, shall not be violated! 

    Could it be that they want to see who buys a gun?  These people you cannot trust!

Name:	MrHodja -	Reply
Subject:	Doesn't it Matter?
Date:	10/15/2021 3:41:29 PM

There are many, many reasons this is a bad idea, and yes it is unreasonable for the Federal Government to ask what they are proposing. There are some evil people with evil intentions in very high positions in government right now and they are attacking the very foundation of this country. 

Name:	GoneFishin -	Reply
Subject:	Can't Get Around It HODJA
Date:	10/15/2021 4:24:28 PM

The Biden Administration has proposed monitoring accounts over $600, but the only figures reported to the government would be the total inflows and outflows for the year – not the size and nature of each transaction. And the Treasury can't simply "declare" this measure, it must be approved by Congress.

It has nothing to do with each transaction. Once you make 2 $500 deposits, you have exceeded the treshold of $600  and the total amount of your deposits and withdrawls will be reported.

Name:	MrHodja -	Reply
Subject:	Get Around What?
Date:	10/15/2021 5:36:44 PM

Still none of their business. Under your scenario probably 99.99999999999999% would be reported. And it would create a massive amount of work for little Johnny's parents to explain to a very unsympathetic and faceless IRS bureocrat that he has 15 uncles and cousins who each gave him $500 for his birthday and he put it in the bank.  Not to mention the morass of paperwork the IRS would demand to explain why the amount reported as income did not match the bank deposits to the penny. Stupid, stupid idea by evil people who are absolutely power crazy.  

Name:	Talullahhound -	Reply
Subject:	Get Around What?
Date:	10/15/2021 9:30:48 PM

More like desperate, evil people trying to find a way to pay for their social welfare programs.  

Name:	realfast64 -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/15/2021 10:27:01 PM

  Sounds as if you all have forgot about the Fed's already looking at rally attendees credit cards from CapitolOne, Well fargo and others for charges made when attending Trump rallies!!!!

Name:	MartiniMan -	Reply
Subject:	Kidding right?!?!?
Date:	10/16/2021 8:38:51 AM

That's exactly what they told us about the collection of metadata (emails, phone calls, etc.)....and then somehow specific emails and conversations were leaked to cause political harm or used to obtain warrants.  Goofy, I can't decide if you are hopelessly naive, intentionally obtuse, completely delusional or some combination of the above.  The data that banks record are individual transactions with the payee and payor, amount, date, etc.  That is the information they will be providing to the govt because that is the data they collect.  To think otherwise is absolutely crazy.  And here is the real kicker....Amazon and/or MIcrosoft will actually be storing that data for the Feds and will have access to it.  I am sure they would never use that data for their own benefit, right?

As for having to be passed by Congress you are once again delusional.  Just look at the EO for companies that do business with the Feds regarding vaccines.  The one that bought my company does work for the Feds and employees have to show proof of vax by Dec 8th or they are terminated (hear that Wix?).  All Dementia Joe's puppet masters have to do is put an EO in front of him declaring that any bank that does transactions with the Feds has to turn over this data.  They all do and they will all comply unless there are successful lawsuits that do away with it.

Hodja is right.  There is no reason to do this to try to catch tax cheats.  It is none of their business how we spend our money.

Name:	Lighthouse -	Reply
Subject:	IRS and the Power to monitor your bank
Date:	10/16/2021 8:39:01 AM

NO!  We have not forgotten.  Just more tinder to add to the fire that will consume them.